Everything You Need to Know About BIs Enhanced Digital Licensing System

First introduced back in 2020 in order to ensure the full and proper implementation of Bank Indonesia’s (“BI”) integrated licensing regime through the front office licensing system (“FO”), BI’s Board of Governors (“Board”) issued Regulation No. 22/12/PADG/2020 on the Implementation of Integrated Licensing by Bank Indonesia Through the FO (“Regulation 22/2020”).[1] In essence, Regulation 22/2020 outlined the various procedures that should be followed during licensing applications and in order to secure approvals and services that are provided through the FO. However, as Regulation 22/2020 is no longer deemed to be in line with current conditions and various innovations that BI is currently rolling out, the Board recently issued Regulation No. 12 of 2024, which bears the same title as Regulation 22/2020 (“Regulation 12/2024”) and which has been in force since 30 September 2024.[2]